FBN Holdings announced the appointment of Olusegun Alebiosu as Acting Chief Executive Officer of First Bank of Nigeria with immediate effect on 21 April 2024, following the resignation of Dr. Adesola Adeduntan as managing director and chief executive officer of Nigeria's oldest commercial bank. The appointment is subject to the formal approval of the Central Bank of Nigeria, as required for senior executive appointments at systemically important financial institutions under the regulator's supervisory framework.
Alebiosu stepped into the acting role directly from his position as Group Executive and Chief Risk Officer of First Bank, making him one of the most senior and operationally experienced members of the existing management team to be placed in interim charge. His background in risk management gives him direct familiarity with the bank's credit portfolio, capital position, asset quality, and regulatory standing — areas of particular sensitivity during any period of leadership transition at an institution of First Bank's scale and systemic importance.
ALEBIOSU STEPS UP FROM CHIEF RISK OFFICER ROLE
First Bank of Nigeria is the country's oldest commercial bank and one of its largest by total assets, deposit base, and branch network. The institution serves millions of retail and corporate customers across Nigeria and has an international presence through subsidiaries in several other African markets, giving any uncertainty at the top of its management structure a potential significance beyond domestic operations alone. The CBN has historically taken a close and interventionist interest in governance matters at First Bank given its systemic importance to Nigerian financial stability.
Dr. Adeduntan had served as managing director of First Bank of Nigeria for a prolonged period that was not without institutional tension. A notable episode in 2021 saw the FBN Holdings board attempt to remove him before the CBN intervened publicly to reinstate him, citing its authority over the appointment and dismissal of chief executives at supervised banks and expressing concern about the circumstances surrounding the attempted removal. His departure in April 2024 proceeds against that backdrop, making the manner and pace of the succession of interest to observers of Nigerian banking governance.
The designation of Alebiosu's appointment as acting rather than permanent reflects the procedural framework governing executive transitions in Nigerian banking, where CBN approval constitutes a mandatory prerequisite before any individual can be confirmed in a substantive chief executive capacity. During the interim period, the acting CEO is expected to assume full operational and managerial responsibility for the bank while the regulatory review of the candidacy is completed.
FIRST BANK TRANSITION WATCHED CLOSELY BY REGULATORS
FBN Holdings, the listed holding company that owns First Bank of Nigeria alongside other financial services subsidiaries, is the governance body responsible for the board decisions that led to the acting appointment. The board's decision to move promptly in designating an acting CEO from within the existing senior management ranks is likely intended to convey continuity of leadership and institutional stability to customers, creditors, equity investors, and the CBN during what is expected to be a defined interim period ahead of a permanent appointment process.
The speed of the transition and the internal nature of the acting appointment will be monitored carefully by the Nigerian banking sector and by international institutional investors who hold positions in FBN Holdings. First Bank's customer franchise and deposit base are considerable, and any prolonged uncertainty about the identity of the bank's permanent chief executive carries risks for customer and market confidence that FBN Holdings and the CBN will both be motivated to mitigate as efficiently as possible.